Polygon Moves 9 Mln MATIC To Binance, Price To Dip Below $0.85?

In an exhilarating turn of events, a wallet linked to the Polygon Foundation recently attracted global attention by transferring 9 million MATIC, Polygon’s native cryptocurrency, to Binance, one of the world’s leading cryptocurrency exchanges. We collected. According to data, on-chain indicators noted by tracking platform Spot on Chain, an unknown wallet 0x57f1ad8d…89a15de3b1 moved $7.75 million worth of his MATIC to his CEX above, pushing the price down slightly. I did.

Meanwhile, MATIC price traded in the red today, consistent with a significant offload of tokens to Binance. Interestingly, blockchain tracking platform Whale Alert also highlighted this transfer, although the platform claimed that the wallet address was unknown.

MATIC dumped to Binance: a recurring phenomenon

by data As revealed by Spot on Chain, the transfer of MATIC to Binance by Polygon has been a , has become extremely widespread across the vast crypto ocean. From June 5th of last year to date, the address has transferred 17 million MATIC to Binance at an average price of $0.802.

In this regard, the data provided also sheds light on the substantial 15.5 million MATIC transferred to Binance by two wallets linked to Polygon in the past five days. Moreover, this seems to have stimulated the interest of traders and investors in the cryptocurrency market, as previous similar transfers also saw a slight drop in price.

For the time being, the company still has 218 million coins (valued at approximately $186 million), of which 210 million coins are stored under Polygon Staking, which is subject to future fire sales and the MATIC price. Additional speculation is emerging about the potential negative effects on

Also Read: Breaking News: Spot Bitcoin ETF Sees Largest Single-Day Inflows, BTC Rise To $60,000?

MATIC price plummets

At the time of writing, MATIC price has fallen 1.86% in the past 24 hours and is currently trading at $0.8586. The token market capitalization and 24-hour trading volume also showed declines today, dropping by 1.85% and 16.47%, respectively.

Notably, the token’s negative run today appears to be consistent with the significant offloads mentioned above. However, according to Trading View charts, the token is in a gradual upward trend at the time of this article, ignoring the possibility of a drop below $0.85. However, crypto market enthusiasts seem to be broadly paying attention to this token, as market sentiment typically revolves around a potential price drop following a significant dump on exchanges.

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